topic Different score in General Credit Topics

Different score

Anonymous — Tue, 15 May 2018 22:52:28 GMT

My FICO score on here is close to a 500 for all 3 scores but I recently tried getting a car and the score came back 423 ? Am I missing something

Re: Different score

TaperRandy — Tue, 15 May 2018 23:05:37 GMT

Yes. Enough credit to buy a car. Here's what you do:

1) Immediately get a copy of your credit reports from all 3 bureaus.

2) Find out why your score is actually 423.

3) Take steps to address the issues.

Re: Different score

Anonymous — Tue, 15 May 2018 23:08:16 GMT

There are many different versions of FICO, 500 you're referring to is probably FICO 8, look at the score you got from the car loan and see if it specify which version it used, you can also check your myFico subscription, which gives you many versions of FICO, see if one of them is 423.

Re: Different score

Anonymous — Tue, 15 May 2018 23:26:36 GMT

Ya I see it the Fico score 8 on Experian is a 416 but Transunion, and Equifax is over 500

Re: Different score

Anonymous — Tue, 15 May 2018 23:27:07 GMT

For Auto that is...

Re: Different score

dynamicvb — Wed, 16 May 2018 00:28:51 GMT

Even if you found a lender that would finance at either of those scores, you will wind up with an interest rate in the high teens to over 20 percent. It would probably make more sense to get a secured CC and then work on building up your scores some before trying to finance something like a vehicle.

Re: Different score

Anonymous — Wed, 16 May 2018 01:46:29 GMT

@AnonymousMy FICO score on here is close to a 500 for all 3 scores but I recently tried getting a car and the score came back 423 ? Am I missing something

The scores you are looking at that are dramatically different are from different scoring models. For the auto loan app, chances are they used an "auto" scoring model, where you're likely comparing that to a FICO 08 score provided by MF.